Tuesday, August 07, 2007
Some banks bump up credit card payment due dates
Although this posting really is not about identity protection, it does relate to credit scores and financial "reputation" of consumers.
For the August 2007 bill, Bank of America, after buying many Mastercard and Visa accounts from the previous company MBNA, decreased the payment period from the statement date from 25 days to 20 days. They did print it on the bill, but I usually don't look at them in the mail; I look at them online when I know them to be due. My ICCP Visa used to be due on the eighth of the month, and suddenly it got bumped up to the third. When I looked online yesterday, I found a $29 charge logged already on Aug 3 as a late fee, and that would count against my credit report as a late payment. I scheduled the proper balance payment immediately yesterday and called the bank's 800 number. After a very long wait (needless to say, many other consumers were probably complaining about this surprise) I reached someone who explained the new policy, and said I should have read the statement carefully when it arrived. He agreed to reverse the $29, which did happen this morning.
My Master Card got bumped up last year when MBNA was taken over.
Many people count on stable due dates and make household budgets around these dates, in relation to their paycheck dates. This is a most objectionable practice. Any comments?